FEC approves 2021 budget, fixes new benchmark for oil

The Federal Executive Council (FEC) has projected a N13.08 trillion budget for the 2021 fiscal year.

Speaking with the State House Correspondents after the weekly virtual FEC meeting presided over by President Muhammadu Buhari on Wednesday, Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, also said the oil benchmark has been pegged at $40 per barrel.

The Minister, who was accompanied by Minister of State for Budget and National Planning, Clement Agba; the Minister for Information and Culture Alhaji Lai Mohammed and the Director-General of the Budget Office, Mr Ben Akabueze, also said the projected Capital Expenditure for the year is projected at N2.083 trillion.

Other indices projected to tune the 2021 Budget include oil production at 1.86 million barrels per day, including 400,000 barrels of condensate; Gross Domestic Product (GDP) growth target at 3%; inflation target at 11.95%; and foreign exchange set at N379 to one dollar

Details shortly…